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Author Topic: Summary of the Petroleum Industry Bill in Nigeria - Section 7  (Read 1572 times)

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Summary of the Petroleum Industry Bill in Nigeria

The PETROLEUM INDUSTRY BILL 2012 is a 223 page document with 362 sections and 5 schedules. The Bill is divided into 9 parts, which propose to cover the entire spectrum of the oil and gas industry. This topic seeks to summarize the Bill with respect to its 9 parts.

Part IX – Repeals, Transitional & Savings Provisions

One of the major objectives of the PIB is the fusion of various fragmented legislations regulating the oil and gas industry into one single law. Part IX of the Bill deals with repeals, transitional and savings provisions and provides for the repeal of not just the Petroleum Act, but a number of key legislations dealing with issues which have been incorporated into the Petroleum Industry Bill.

However, a number of subsidiary legislations which are not inconsistent with the Bill remain applicable pending their revocation or replacement by subsidiary legislation made under the Petroleum Industry Bill.

Repeals – The Bill repeals the following enactments:

(a)       Associated Gas Re-injection Act, CAP A25 Laws of the Federation of Nigeria, 2004;

(b)      Motor Spirits (Returns) Act, CAP M20 Laws of the Federation of Nigeria, 2004;

(c)       Petroleum Act, CAP P 10, Laws of the Federation of Nigeria, 2004;

(d)       Petroleum Products Pricing Regulatory Agency (Establishment) Act, 2003;

(e)       Petroleum Equalisation Fund (Management Board, etc.) Act, CAP P11 Laws of the Federation of Nigeria, 2004;

(f)       Petroleum (Special) Trust Fund Act, CAP P14 Laws of the Federation of Nigerian, 2004;

(g)       Petroleum Technology Development Fund Act, CAP P15 Laws of the Federation of Nigeria, 2004

(h)       Deep Offshore and Inland Basin Production Sharing Act, CAP D3 Laws of the Federation of Nigeria, 2004, (except for sections 16 subsection (1) and (2) which deals with periodic review of the Act to ensure that the FGN’s take in the PSC arrangements are economically beneficial);

(i)        Petroleum Profits Tax Act, CAP P13 Laws of the Federation of Nigeria, 2004.

The NNPC Act, NNPC (Projects) Act and NNPC Amendment Act shall also be deemed repealed on the date that the Minister signifies by legal notice in the Gazette that the assets and liabilities of NNPC are fully vested in successor entities.

Savings Provisions – In addition to the below, the Bill empowers the Minister within three months from the effective date of the Bill being passed into law (“the Effective Date”), acting on advice from either the Inspectorate, the Agency, or NNPC to make any further transitional and savings provisions as are consistent with the transitional and savings provisions in the Bill.

(1)       Licences or leases granted under the Oil Minerals Act, 1958 and the Petroleum Act 1969 remain effective and OPLs granted thereunder are not subject to the provisions of sections 172 and 178 of the Bill. For such licences, existing terms on licence duration, work program, commitments and relinquishments shall continue unaltered for a period of ten years from the granting of such licence;

(2)       Existing downstream licensees are required within three months from the Effective Date, to apply to the Downstream Petroleum Regulatory Agency (“Agency”) for the issuance of the appropriate licence as specified in the Bill;

(3)       All other valid licences, permits or other rights granted by DPR or the PPPRA, shall continue in force for the remainder of the term granted;

Tariffs, prices, levies, or surcharges currently payable to DPR or PPPRA remain applicable until the earlier of the expiration of their term or the making of alternative provisions in accordance with the Bill.

Download the PI Bill for reference to the tables

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Adewale Odubiyi
Owner, Nigeria Oil & Gas Forum

Nigeria Oil & Gas Forum


 

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